Tag: Naira redesign

‘No plans to phase out redesigned Naira notes’ – CBN

Aminu Imam

The Central Bank of Nigeria (CBN) said no plans to phase out the redesigned Naira notes from circulation. CBN’s Acting Director, Corporate Communications Department, Isa AbdulMumin, made this known in a statement in Abuja yesterday. The statement was a reaction to viral news on social media that the apex bank was contemplating the withdrawal of the recently redesigned N1,000 N500 and N200 currency banknotes from circulation. “We wish to emphatically state that such speculation is unfounded and a ploy by some interests to cause panic among members of the public.…

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CBN reacts to Gov. Soludo’s claim on acceptance of old notes

Aminu Imam

The Central Bank of Nigeria, (CBN), has issued a clarification on claims that it’s directed commercial banks to dispense and accept the deposit of old Naira notes amid the raging currency crisis. Acting Director of Corporate Communication CBN, Dr. Isa AbdulMumin, in an interview yesterday, clarified that there is no statement from the apex bank telling commercial banks to dispense and accept the old N500 and N1000 notes from Nigerians. AbdulMumin was reacting to a statement by the Governor of Anambra State, Prof Chukwuma Soludo, claiming the apex bank had…

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Old Naira notes remain legal tender till Dec 31 – Supreme Court rules

Aminu Imam

The Supreme Court has ruled that old N200, N500, N1, 000 notes remain in circulation till December 31, 2023. The apex court, which gave the order yesterday, also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution. Recall that sixteen States of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy. The suit initially instituted by Kaduna, Kogi and Zamfara States has been slated as the first case on the cause list for final verdict.…

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Elections: ‘Over N500bn old naira notes not yet returned to CBN’ – EFCC Chairman

Aminu Imam

The Economic and Financial Crimes Commission (EFCC) Chairman, AbdulRasheed Bawa, had said that over N500 billion old naira notes were stashed by politicians yet to return to the Central Bank of Nigeria (CBN). AbdulRasheed Bawa stated this during an interview on Channels TV’s Politics Today. The EFCC chairman added that the commission had a lot of information on some of the means politicians were devising to buy votes during elections. He said, “The only option politicians have now is to buy votes, as BVAS will do a lot of wonders.…

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Naira Notes: “Place el-Rufa’i, Ganduje others on watchlist” – Ohanaeze youths to DSS, Police 

Aminu Imam

Apex Igbo socio-cultural organisation, Ohanaeze Ndigbo Youth Council Worldwide, has expressed shock over comments made by Governors Nasir El-Rufai of Kaduna State; Umar Ganduje, of Kano state and others against President Muhammadu Buhari’s broadcast on Thursday. The group described the comments as treasonable. Recall that el-Rufa’i had while faulting President Muhammadu Buhari’s national broadcast, said some persons were plotting a military takeover. He had claimed that the cash crunch was planned along with the fuel shortage existing since September 2022 so that the 2023 elections “do not hold at all, leading to…

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‘Obasanjo commends Buhari on naira redesign’ – Femi Adesina

Aminu Imam

Presidential spokesperson, Femi Adesina, says former president Olusegun Obasanjo commended President Muhammadu Buhari over the naira redesign policy. Adesina, in an issued statement, said that the former president praised Buhari at the Council of State meeting held in the State House, Abuja, on February 10. He quoted Obasanjo as saying: “Change was necessary from time to time, and resistance to change is normal”. The former president said the policy would bring a “little bit of sanity into our elections and have a salutary effect on kidnapping and ransom taking, and…

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Naira Redesign: NANS urges students, youth to exercise patience

Abdul-Azeez Ahmed Kadir

As the cash and fuel scarcity continues nationwide, National Association of Nigerian Students (NANS), Ogun chapter, has appealed to students and youths in the state to exercise patience. Chairman of NANS in the state, Damilola Simeon, who spoke at a news conference in Abeokuta on Thursday, noted that both the Federal and State Governments were putting measures in place to put an end to the issue. Simeon said it was important for students not to engage in any protest that could affect the growth and development of the country, stressing that…

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Cash Swap: Buhari cancels meeting with State Govs. over court order

Aminu Imam

A meeting between President Muhammadu Buhari and the Nigerian Governors Forum, (NGF), ostensibly arranged to discuss the ongoing cash swap failed to hold yesterday. The President was said to have canceled it because of the court order forbidding the Government from extending the February 10, 2023 deadline for the swapping of old Naira notes for the redesigned ones. Presidency sources affirmed that the President was wary about the possible perception of disregard for lawful orders should anything be done to the policy at this time. Despite the cancellation of the…

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Court stops CBN, Buhari from extending deadline for old Naira notes

Aminu Imam

A High Court sitting in the Federal Capital Territory, (FCT), has restrained President Muhammadu Buhari, the Central Bank of Nigeria, (CBN), its Governor, and 27 listed commercial banks from suspending, stopping, extending, or interfering with the currency redesign Feb. 10 terminal date, or issue any directive contrary to that date. In a Motion by five of the eighteen political parties, the Court, presided over by Justice Enenche also granted an order directing the Chief Executive Officers (CEO’s) of the banks and their alter egos to show cause why they should…

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Cashless Policy: 3 Northern Govs. take Buhari to Supreme Court over Naira scarcity

Aminu Imam

The governments of Kaduna, Kogi and Zamfara States have filed a lawsuit against the Federal Government before the Supreme Court, seeking a restraining order to halt the full implementation of the Central Bank of Nigeria (CBN)’s naira redesign policy. This comes amid the hardship that Nigerians go through in efforts to meet the deadline for the new naira notes exchange. In a motion ex-parte filed on their behalf by their lawyer, AbdulHakeem Uthman Mustapha (SAN), the Northern States urged the Supreme Court to give them an interim injunction stopping the Nigerian Government…

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